THE ECONOMY - OIL AND GAS

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, made on Tuesday, an official visit to the headquarters of the Abu Dhabi National Oil Company (ADNOC), where he was briefed on the organisation's long term strategic objectives. During the visit, H.H. Sheikh Abdullah bin Zayed reaffirmed the UAE and Abu Dhabi's leadership's steadfast support for ADNOC. H.H. Sheikh Abdullah praised the organisation's 2030 strategy which will ensure ADNOC
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Over 2,000 ADNOC employees unite to celebrate 45 years of success and contribution to UAE’s development

Posted on 29/11/2016

Over 2,000 Abu Dhabi National Oil Company (ADNOC) Group employees, from across 18 operating companies, walked together, yesterday, from ADNOC's headquarters to the headquarters of the Abu Dhabi Company for Onshore Petroleum Operations (ADCO), and back, to mark the 45th anniversary of the founding of ADNOC on November 28,1971. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO and ADNOC's senior leadership jointly led the 45 hundred metres walk, on Abu Dhabi's Corniche, held to
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GCC petrochemical producers should explore new partnership models for collaboration to collectively capitalise on market access, if they are to become a global industry powerhouse, according to Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO. Speaking at the 11th annual Gulf Petrochemicals and Chemicals Association conference, in Dubai, Dr Al Jaber called on GCC petrochemical producers to think creatively about how best to seize the opportunities presented by growing demand
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Fujairah, which hosts the Middle East's largest commercial storage capacity for refined oil products, on Sunday appointed S and P Global Platts to distribute the Emirate's weekly inventory data starting in early 2017 as part of its effort to position the Indian Ocean port-city as a global oil trading and storage hub. The Fujairah Oil Industry Zone (FOIZ) and S and P Global Platts signed a Memorandum of Understanding (MoU) in which the independent data agency was awarded the mandate to
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The UAE realised the importance of diversifying the energy sector several years ago much before the oil prices began to drop, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, has said. That helped the country to stay in the forefront in the region in terms of the solar and renewable energy sector, Al Mazrouei said. The state spares no effort to achieve its ambitions of raising the level of clean energy resources to 25 percent of the total energy will be used locally by 2030, he
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Now is the time to invest: UAE Energy Minister

Posted on 10/11/2016

Oil companies that invest during the current downturn in oil prices stand to profit the most when supply and demand comes back into balance, according to the UAE Minister of Energy Suhail bin Mohammed Faraj Faris Al Mazrouei. The long-term demand for oil outstripped supply, and that for companies with strong balance sheets and a long-term view now was the time to invest, not to withdraw, he said on the sidelines of the VIP Programme on the UAE's future energy vision, held during the current
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Energy Ministry launches National Young Professional Committee at WPC

Posted on 10/11/2016

The Ministry of Energy has launched the National Young Professional Committee at the World Petroleum Council, in a step aimed at empowering the youth to address challenges in the oil sectors. The launching ceremony, held yesterday at the Ministry's pavilion in the Abu Dhabi International Petroleum Exhibition and conference (ADIPEC 2016), was attended by Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy; Shamma bint Sohail Faris Al Mazrui, Minister of State for Youth Affairs, Dr.
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Over 600 suppliers and partners learn new procurement policies to do business with ADNOC

Posted on 10/11/2016

ADNOC, Abu Dhabi's integrated oil and gas company, in conjunction with the Abu Dhabi Chamber of Commerce and Industry, hosted on Wednesday the ADNOC Private Sector Forum, as part of its efforts to strengthen its partnerships with suppliers and local businesses. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: "Abu Dhabi's private sector will play a fundamental role in helping deliver ADNOC's 2030 strategy and five-year business plan. Together, we must develop a
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ADNOC to invest in downstream business to meet growing demand for refined and petrochemical products

Posted on 10/11/2016

ADNOC, Abu Dhabi's integrated oil and gas company, said yesterday it will make significant investments in new projects to further increase its refining capability and expand its petrochemicals business over the next five years - as part of its recently announced ‘2030 Strategy'. The new projects will focus on gasoline and aromatics production and additional polyolefin capacity, as the company targets growing domestic and international demand for refined and petrochemical products -
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Turbine Services & Solutions Industrial, TS&S Industrial, yesterday announced it has expanded new capabilities for the repair and overhaul of the Siemens Industrial Trent 60 WLE variant. The new services have established TS&S Industrial as the first independently owned, specialised and independent maintenance, repair and overhaul (MRO) provider with the capability to support the Industrial Trent 60 WLE variant for Siemens. The announcement was made during the Abu Dhabi International Petroleum
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ADIPEC: Schlumberger licenses ADNOC offshore drilling technology

Posted on 10/11/2016

Schlumberger, an oilfield services company, will use Stabilising System for Deep Drilling, SSDD, a proprietary offshore drilling technology of the Abu Dhabi National Oil Company, ADNOC, after signing an agreement here at ADIPEC 2016. The SSDD technology greatly improves offshore drilling operations by improving borehole stability and reducing drill times, with significant potential savings for operating companies. The licensing agreement was signed yesterday by Abdulmunim Saif Al Kindy,
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Sultan Al Jaber briefed on GMS Evolution Vessel at ADIPEC

Posted on 09/11/2016

Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State, CEO of Abu Dhabi National Oil Company, ADNOC, and its Group of Companies, was briefed on Tuesday on GMS Evolution vessel, built by the Abu Dhabi oil services company, Gulf Marine Services, to carry out advanced drillings in the off shore fields. This is the first vessel of such a design to be displayed at the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, being hosted by the UAE capital, Abu Dhabi. GMS Evolution
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ADNOC announces intention to expand Al Hosn Sour Gas Project

Posted on 09/11/2016

The Abu Dhabi National Oil Company, ADNOC, in partnership with Occidental Petroleum, announced yesterday its intention to expand its Al Hosn facility, which will increase sour gas processing by 50 percent of existing capacity. The plant could become operational within the life span of ADNOC's new five-year business plan, part of the company's ‘2030 Strategy', which was recently approved by Abu Dhabi's Supreme Petroleum Council. Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and CEO
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ADNOC CEO looks at efficiency, excellence to succeed in new energy era

Posted on 08/11/2016

In an era of unpredictable oil prices, producers who focus on efficiency, value creation, commerciality and excellence will be successful, said Dr. Sultan Ahmed Al Jaber, the UAE Minister of State and CEO of the Abu Dhabi National Oil Company, ADNOC, in his keynote speech at the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, 2016, which started at the Abu Dhabi National Exhibition Centre, ADNEC, here yesterday. "While we cannot predict the future price of oil, one factor
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Adipec begins with key presentations on strategies for new energy landscape

Posted on 08/11/2016

The largest ever Abu Dhabi International Petroleum Exhibition and Conference (Adipec), opened yesterday, marking the start of four days of high-level industry discussions that will shape policies and strategies for the new energy landscape. The event was inaugurated by H.H Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court. Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates, Adipec 2016 is hosted by the
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Hamed bin Zayed launches first ever smart app for OPEC's ASB

Posted on 08/11/2016

H.H. Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court, has officially launched the first-ever Annual Statistical Bulletin (ASB) Smart App, which is a joint development by IT experts from OPEC and the UAE Ministry of Energy. Sheikh Hamed launched the app after opening the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi earlier yesterday. The new app will make the ASB's content of international oil and gas data available
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UAE to continue developing oil and gas sector, says official

Posted on 08/11/2016

The United Arab Emirates, UAE, will continue to develop its oil and gas sector to remain one of the world's reliable providers of energy products, said H.H. Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court. 'Development of the vital energy sector will continue under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan to deliver more achievements, given the fact that the sector is pivotal for development and progress of the nation and for
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Mohamed bin Zayed attends inaugural Abu Dhabi CEO Roundtable

Posted on 07/11/2016

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, today attended the inaugural Abu Dhabi CEO Roundtable, at which 20 of the world's leading oil and gas companies gathered to discuss strategies for future growth and how to stay competitive in the evolving energy landscape. The senior executives were invited to the roundtable, held at ADNOC's headquarters in the UAE capital, by Dr Sultan Ahmed Al Jaber, UAE Minister
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Over 2,000 exhibiting companies to showcase at ADIPEC 2016

Posted on 07/11/2016

More than 2,000 exhibiting companies, 25 country pavilions, 700 speakers, 8,500 delegates, and 100,000 trade professionals from more than 125 countries, are participating in the 19th Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2016), which begins tomorrow at the Abu Dhabi National Exhibition Centre. Held under the patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, this year's exhibition theme is ‘Strategies for the New Energy Landscape', and is
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The Supreme Petroleum Council (SPC), presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Vice-Chairman of the SPC, on Wednesday approved the 2030 strategy of Abu Dhabi National Oil Company, ADNOC, five-year business plan and operational budget, aimed at generating sustained, strategic growth in ADNOC's upstream, midstream and downstream segments. The strategy will ensure ADNOC's long-term success
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Abu Dhabi-based NPCC wins $141 million EPC project from ONGC

Posted on 03/11/2016

Abu Dhabi-based National Petroleum Construction Company, NPCC, has won a US$141 million (AED 520 million) contract from India's Oil and Natural Gas Corporation Ltd, ONGC. The project involves replacement of 10 wellhead platform topsides at ONGC's Mumbai High North and South fields, MHN and MHS, respectively. Out of these 10, four are on the MHN field while six are located on MHS. The decommissioning and removal of the existing topsides are part of the engineering, procurement and construction
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Mubadala Petroleum awards Jasmine FPSO and O&M contracts

Posted on 01/11/2016

Mubadala Petroleum has reached an agreement with Petrofac for the modification and extension of contracts related to the FPF-003 floating production, storage and offloading vessel, Jasmine FPSO, which paves the way for the continued extension of the field life of this successful development. The parties have signed a new ‘life of field' agreement for the provision of operations and maintenance, O&M, services, which has the potential to run until 2023. An extension to the associated charter
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Mohamed bin Zayed attends ADNOC Forum

Posted on 26/10/2016

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has said that the UAE, under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, is working firmly with determination and consistency in achieving the future national vision and aspirations of its people to further strengthen its leadership role in various fields. His Highness said, "We live in a time where we are witnessing tremendous
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UAE seeks stronger energy relations with Tajikistan: Minister

Posted on 25/10/2016

DUSHANBE: The UAE takes a keen interest in promoting co-operation with Tajikistan in all spheres and supports the Tajik government's efforts in improving the country's infrastructure, UAE Minister of Energy, Suhail bin Mohammed Faraj, has said while heading a high-level business and government delegation to the central Asian republic. "Falling oil prices pose a challenge to oil producing countries but have not affected the UAE economy, thanks to a strategy being pursued to achieve economic
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UAE non-oil trade reached AED553.4 bn in first half of 2016

Posted on 25/10/2016

The non-oil direct trade of the UAE increased by 3 percent to AED17.7 billion in the first half of the current year, reaching AED553.4 billion, well above the AED535.7 billion achieved during the same period last year. Asia, Australia, and the Pacific regions retained top trading partners with a share of AED211.3 billion accounting for 39 percent of the total non-oil trade. Europe ranked second, with a share of AED139.9 billion (26 percent), and the Middle East and North Africa region came
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ADNOC to create world class shipping, marine and services company

Posted on 19/10/2016

ADNOC announced yesterday its intention to consolidate the operations of three of its shipping, marine and services companies to create a single world-class entity. The Abu Dhabi National Tanker Company, ADNATCO, Petroleum Services Company, ESNAAD, and Abu Dhabi Petroleum Ports Operating Company, IRSHAD, will be integrated to drive efficiency, optimise resources and assets across their various operations to maximise value. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO,
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Saudi Aramco awards long-term agreement to NPCC of Abu Dhabi

Posted on 16/10/2016

DHAHRAN: Saudi Aramco's offshore projects department has recently awarded a long-term agreement (LTA) to National Petroleum Construction Company (NPCC) of Abu Dhabi for the execution of its offshore development programme. It is the fifth LTA awarded by Saudi Aramco, with four earlier LTAs awarded in June 2015 to various engineering, procurement, fabrication and offshore installation (EPIC) contractors. The latest LTA was signed by Tofiq Gabsani, Saudi Aramco project management executive
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OPEC ministers will not take a decision at consultative meeting in Istanbul

Posted on 13/10/2016

Energy ministers of members from the Organisation of the Petroleum Exporting Countries (OPEC) will not take any decisions at a meeting on Wednesday as it is a consultative meeting, UAE Ministry of Energy Suhail bin Mohammed Faraj Faris Al Mazrouei said. "Oil prices have more challenges ahead. All those factors are positive for the balance of the market," he told reporters at the 23rd World Energy Congress in Istanbul. The UAE participates in international energy conferences to showcase its
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ADNOC announces plans to consolidate ADMA-OPCO and ZADCO

Posted on 05/10/2016

ADNOC yesterday announced its intention to integrate the operations of the Abu Dhabi Marine Operating Company, ADMA-OPCO, and Zakum Development Company, ZADCO, into a single new company to enable efficiencies and synergies across the multiple ADMA-OPCO and ZADCO offshore concessions and fields. Commenting on the consolidation, Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and CEO of the ADNOC Group, said, "With ADNOC's recent focus on driving efficiency, performance and profitability
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Oil and gas giants are calling for greater industry collaboration and an increased focus on operational efficiency, as global energy leaders prepare to gather in the UAE capital for the upcoming Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2016) in November. Established as the world's most influential exhibition and conference for the oil and gas industry, ADIPEC has a longstanding track record of bringing together globally celebrated luminaries and experts to discuss
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UAE Minister of Energy welcomes Saudi-Russian cooperation on oil

Posted on 06/09/2016

The UAE has welcomed the cooperation between Saudi Arabia and Russia in the energy sector, especially in the area of oil. Minister of Energy, Suhail bin Mohammed Faraj Faris Al Mazrouei, in a series of Tweets, said that the UAE, as an active and responsible member of OPEC, will always support any joint efforts which will benefit market stability. >>MORE

UAE crude oil exports to Japan hit over 25 million barrels in July

Posted on 01/09/2016

TOKYO: Data released by Tokyo's Agency for Natural Resources and Energy, ANRE, has shown that Japan imported 25.47 million barrels of crude oil from the UAE in July, 2016. This accounted for 26.1% of Japan's total crude imports, the agency, which is part of Japan's Ministry of Economy, Trade and Industry, said. Saudi Arabia provided 32.89 million barrels, or 33.7% of the total, while Kuwait, Qatar, Russia and Iran provided 6.1%, 8.2%, 5.8% and 8.2% respectively. Figures released by the
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ADNOC announces pledges in celebration of Emirati Women’s Day

Posted on 29/08/2016

As part of a wider strategy to enhance performance, profitability and efficiency, the ADNOC announced on Sunday three women empowerment pledges on the occasion of Emirati Women's Day. Dr. Sultan Ahmed Al Jaber, the Minister of State and CEO of ADNOC, said, "ADNOC is proud to be making commitments to help realise the vision of H.H. Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union (GWU), Supreme Chairwoman of the Family Development Foundation (FDF) and President of the
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UAE is an example for diversification of income sources: Minister of Energy

Posted on 26/08/2016

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, has said that the OPEC's current market share is at good level despite different views on the oil market. Tweeting on his official twitter account on Saturday, he added, "We acknowledge and understand the market challenges but in my view our sector is resilient to overcome them and achieve stability soon. I believe that any future decision will require full participation from all OPEC members plus major oil producers." Al
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ENOC unveils new growth strategy to support domestic and international expansion plans

Posted on 16/08/2016

The Board of Directors of Dubai Government-owned Emirates National Oil Company, ENOC, have announced a new growth strategy aimed at serving Dubai's growing energy needs while simultaneously developing an integrated upstream and downstream energy value chain to drive future growth. As part of the five-year strategy 2016-2021, ENOC will focus its efforts and investments on fulfilling Dubai's energy needs through the expansion of its refinery and service station network, building terminals
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Dana gas reports flat earnings in Q2 on lower hydrocarbon prices

Posted on 14/08/2016

Dana Gas reported a flat net profit of US$7 million in the second quarter of 2016. The earnings lowered to US$13 million from US$19 million in the first half of 2016. The company had reported falling profits or a loss in five of the previous six quarters. Revenue dropped to US$96 million from US$116 million in the same period last year. "The reduction was due to the decline in comparable hydrocarbon prices, which was offset by a combination of certain interest, reversals in provisions and a
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GASCO takes delivery of first floating storage and regasification unit as part of ADNOC’s integrated gas strategy

Posted on 09/08/2016

Abu Dhabi Gas Industries Limited (GASCO), an ADNOC operating company, has taken delivery of its first Floating Storage and Regasification Unit (FSRU) from Excelerate Energy, a leader in floating LNG regasification solutions. The FSRU will enhance GASCO's capabilities to supply gas throughout its UAE network, adding 500 million standard cubic feet of gas per day to the grid – enough to power a city the size of Fujairah for a day. The FSRU is a key component in ADNOC's integrated gas master
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ADNOC Distribution launches public awareness campaign to promote safe use of LPG cylinders and regulators

Posted on 08/08/2016

ADNOC Distribution has announced the launch of a special safety campaign, entitled ‘Safety: It's in Your Hands', to raise public awareness on the correct ways of transporting, handling, and using Liquefied Petroleum Gas (LPG) cylinders and their regulators. The campaign, which begins tomorrow and run until August 29th, will primarily target communities across the northern regions, where LPG cylinders are one of the main sources of cooking fuel. To be promoted through ADNOC Distribution's
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ADNOC Distribution yesterday announced that starting on 1st August, 2016, a number of its vehicle inspection centres will operate on Fridays and Saturdays from 9 a.m. to 5 p.m. in a bid to meet the dynamic requirements of its customers. Responding to the request of its customers, ADNOC Distribution will operate its vehicle inspection centres in Abu Dhabi (main branch), Mahawi, Al Samha and Al Ain Main Centre on Fridays and Saturdays to meet the high demand for ADNOC Distribution's light
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The ENOC Global Marine, EGM, a specialised business division of Emirates National Oil Company, ENOC, is set to expand its international footprint through a shipping agreement with Dubai Trading Agency, DTA. The partnership enables DTA to be a key distributor of ENOC's marine lubricants portfolio in both local and global markets. Along with having rights to distributing ENOC products to the international customers within the UAE, the agreement will enable the trading of up to 600,000 litres per
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